05.02.201803:39:00UTC+00Spain's Service Sector Growth Picks Up

Growth in the Spanish service sector picked up pace in January on sharper increases in activity and new business, survey results from IHS Markit showed Monday.

The headline services Purchasing Managers' Index rose to 56.9 in January from 54.6 in December.

Activity has increased continuously since November 2013. The steep rise in activity was the fastest since July 2017.

Improving economic conditions were central to the strengthening of business conditions in January. The rate of job creation remained elevated, while business confidence reached a seven-month high.

The Spanish service sector gathered growth momentum at the start of 2018 and looks well placed to record another strong performance in the first quarter of the year, Andrew Harker, associate director at IHS Markit, said.